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File: Pistol Bay News Release for Dec 30, 2016.docx

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 Phone 604 369 8973          TSX-Venture: PST 
PISTOL BAY CLOSES FIRST TRANCHE OF FINANCING

December 30, 2016: Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2) ("Pistol Bay" or the "Company') announces th
--->at it has closed the first tranche of its financing previously announced October 25, 2016 and amended November 25, 201
--->6.

The Company closed on 2,710,000 non flow through units at $0.07 for gross proceeds of $189,700.  Each unit consists of
---> one common share and one share purchase warrant. One warrant will entitle the holder to purchase one additional commo
--->n share of the company at a price of $0.12 for eighteen (18) months expiring June 29th 2018. 

The Company also closed on 135,000 flow through units at $0.09 for gross proceeds of $12,150. Each unit consists of on
--->e common share and one half of one share purchase warrant. One whole warrant will entitle the holder to purchase one a
--->dditional common share of the Company at a price of $0.15 for eighteen (18) months expiring June 29th 2018. 
 Shares, warrants and any shares issued upon exercise of the warrants are subject to a hold period of four months expi
--->ring April 30th 2017.  The proceeds of the private placement will be used for general working capital and exploration 
--->on the Company's mineral properties. 
 
About Pistol Bay Mining Inc. 
Pistol Bay Mining Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on precious and base 
--->metal properties in North America.  For additional information please contact Charles Desjardins - pistolbaymining@gma
--->il.com - at Pistol Bay Mining Inc.
 
On Behalf of the Board of Directors 
PISTOL BAY MINING INC. 
"Charles Desjardins"{{​ ​} ​}{{​ ​} ​}{{​ ​} ​}
Charles Desjardins, 
President and Director 
 
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the 
--->TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 
Cautionary note: 
 
This report contains forward looking statements. Resource estimates, unless specifically noted, are considered specula
--->tive. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By thei
--->r nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factor
--->s that will or may occur in the future. Actual results may vary depending upon exploration activities, industry produc
--->tion, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautio
--->nary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms
--->, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be ec
--->onomically and legally producible under existing economic and operating conditions.